Most influential: Joe Nowak
IF YOU need proof that the past year was dominated by regulatory and industry issues, look no further than Joe Nowak.
Nowak, who finished a two-year tenure as president of the Association of Financial Advisers (AFA) earlier this month, is one of three industry association leaders considered one of this year’s most influential.
Unlike the FPA’s Ken Breakspear and IFSA’s Richard Gilbert however, Nowak has a distinctly lower profile.
That is not a criticism; the AFA is, after all, run on a shoestring compared to the other two associations.
However at the height of the crisis this year over professional indemnity insurance for financial planners, it was the AFA that managed to negotiate an arrangement with an insurer to provide indemnity cover to a syndicate of its members.
The deal was by no means an all-encompassing solution to the crisis, but it was a beacon of hope at a time when many advisers were facing increases in insurance premiums of up to 300 per cent.
It is no wonder then that the AFA’s membership jumped by over 100 in the last year — no mean feat given that the AFA, made up mostly of older life insurance advisers, might be seen as struggling for relevance.
Much of that increase will have to do with Nowak’s inimitable style.
Recommended for you
Professional services group AZ NGA has made its first acquisition since announcing a $240 million strategic partnership with US manager Oaktree Capital Management in September.
As Insignia Financial looks to bolster its two financial advice businesses, Shadforth and Bridges, CEO Scott Hartley describes to Money Management how the firm will achieve these strategic growth plans.
Centrepoint Alliance says it is “just getting started” as it looks to drive growth via expanding all three streams of advisers within the business.
AFCA’s latest statistics have shed light on which of the major licensees recorded the most consumer complaints in the last financial year.
